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Sentiment · FY2026 Q2
Core FFO of $2.13 beat guidance by $0.02 as blended pricing improved 140 basis points sequentially from Q4, though it remained negative at -0.3%. The top three markets of Atlanta, Dallas, and Orlando all outperformed the portfolio, while 558,000 shares were repurchased at $130.46. FY2026 FFO midpoint was reaffirmed with development spend reduced to $350 million from $400 million.
Pricing | Competitive Dynamics | Capex Investment | Demand | Geographic Expansion | Guidance Reliability | Capital Allocation | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 15 | 8 | 6 | 7 | 4 | 5 | 2 | 3 |
| 2025Q1 | 11 | 6 | 6 | 5 | 4 | 3 | 1 | 4 |
| 2025Q2 | 15 | 13 | 9 | 7 | 6 | 2 | 1 | |
| 2025Q3 | 10 | 8 | 8 | 5 | 3 | 4 | 3 | 1 |
| 2025Q4 | 11 | 3 | 5 | 5 | 2 | 3 | 3 | 1 |
| 2026Q1 | 6 | 3 | 6 | 1 | 2 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Pricing | 15 | 11 | 15 | 10 | 11 | 6 |
| Competitive Dynamics | 8 | 6 | 13 | 8 | 3 | 3 |
| Capex Investment | 6 | 6 | 9 | 8 | 5 | 6 |
| Demand | 7 | 5 | 7 | 5 | 5 | 1 |
| Geographic Expansion | 4 | 4 | 6 | 3 | 2 | 2 |
| Guidance Reliability | 5 | 3 | 2 | 4 | 3 | 2 |
| Capital Allocation | 2 | 1 | 1 | 3 | 3 | 1 |
| Macroeconomic | 3 | 4 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $550M | +1.4% | $1.42 | +3.6% | 29.5% | 30.3% | $153M |
| FY2025 Q1 | $549M | +1.0% | $1.54 | +26.2% | 29.0% | 33.1% | $124M |
| FY2025 Q2 | $550M | +0.6% | $0.92 | +7.0% | 27.5% | 19.7% | $265M |
| FY2025 Q3 | $554M | +0.6% | $0.84 | -14.3% | 27.2% | 18.0% | $171M |
| FY2025 Q4 | $556M | +1.0% | $0.48 | -66.2% | 28.4% | 10.4% | $159M |
| FY2026 Q1 | $554M | +0.8% | $1.06 | -31.2% | 26.6% | 22.5% | $16M |
| FY2026 Q2 | $555M | +1.0% | $1.04 | +13.0% | 25.4% | 21.9% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Haendel St. Juste | Mizuho Securities | 11 (9%) |
| Brad Heffern | RBC Capital Markets | 10 (20%) |
| Adam Kramer | Morgan Stanley |
| 9 (0%) |
| Alexander Goldfarb | Piper Sandler | 9 (22%) |
| Eric Wolfe | Citigroup | 9 (11%) |
| John Kim | BMO Capital Markets | 8 (13%) |
| Austin Wurschmidt | KeyBanc Capital Markets | 8 (0%) |
| Jana Galan | Bank of America | 8 (0%) |
| Steve Sakwa | Evercore ISI | 8 (0%) |
| Jamie Feldman | Wells Fargo | 7 (14%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 3 | 13 (0%) |
| Scotiabank | 3 | 11 (27%) |
| Wells Fargo | 2 | 11 (9%) |
| Mizuho Securities | 1 | 11 (9%) |
| Citigroup | 2 | 11 (18%) |
| Bank of America | 2 | 10 (0%) |
| RBC Capital Markets | 1 | 10 (20%) |
| Piper Sandler | 1 | 9 (22%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MAA Mid-America Apartment Communities | 5 | +0.8% | |
| AVB AvalonBay Communities | 6 | +3.3% | |
| CPT Camden Property Trust | 5 | +0.1% | |
| ESS Essex Property Trust | 5 | +1.5% | |
| INVH Invitation Homes | 6 | +8.8% | |
| UDR UDR, Inc. | 5 | +0.9% | |
| VMRK Vivmark Residential | 5 | +2.5% |